General Electric (GE) is getting bad press for their part in the Fukushima nuclear crisis in Japan; but they’re not being sued, as of yet. GE designed the containment systems inside the nuclear reactors of the Fukushima power plant. The power plant and its nuclear reactors were damaged almost a month ago when a massive earthquake hit Japan. The quake was immediately followed by a powerful Tsunami; causing additional destruction in the region. There have been reports that the reactors leaked radiation into the air. The latest news tells us…
Read MoreTag: Japan Earthquake
Why travel insurance claims are being denied
Travelers are often susceptible to a lack of information. Whether they are traveling for vacation or business, they may not have access to news outlets or other such resources that can be used to keep them informed of current events. In these cases, travelers often find out too late that their travel insurance policies do not cover every situation they might find themselves in. After the earthquake that rattled Japan and caused damage to several nuclear reactors on March 11, many insurers are now weighing whether the threat of radiation…
Read MoreAustrailian Travel Insurance News
The Royal Automobile Club of Victoria (RACV) provides advice regarding the comprehensive travel insurance policies in relation to the earthquake and tsunami that hit Japan last week. Claims will be assessed by RACV according to the Product Disclosure Statement (PDS) and the type of plan that was purchased will determine the coverage. For those who have not yet departed, cancellation or rearrangement expenses will be covered if the policy was purchased before March 12, 2011. Travels on or after March 31, 2011 are advised to be cancelled or rearranged until…
Read MoreU.S. Nuclear Plants…how exposed are we?
The people of Japan knew they were at risk for a large scale earthquake, and even a tsunami. They took painstaking measures to prepare for this possible, “once in a lifetime” event. We watched the tragedy and devastation that was taking place, in one of the most prepared countries in the world. One hundred twenty seven million people experienced an event of historical proportions. All the planning and scenarios had been done for a “worst case disaster.” But as one disaster turned into two, and then two turned into three,…
Read MoreAFLAC, strong ties to Japan business
As the numbers keep rising on the estimate of losses in Japan, so do the growing concerns regarding the financial stability of insurance companies that were heavily vested there. One company, in particular, had at least three-quarters of their overall business in Japan. AFLAC, a top performing, Fortune 500 company, insures two of the largest insurance buyers in the world; the United States, and Japan. AFLAC sells supplemental health (GAP) insurance, life insurance and cancer insurance. Even though they don’t have property coverage in Japan, when the Earthquake and Tsunami…
Read MoreRead carefully…insurance policies carry nuclear exclusions
Insurance companies are reeling from the possible cost of the disaster in Japan. It will be weeks before the entirety of the damages can be put into any kind of perspective to be tallied. It isn’t just the property damage and the economic loss; the lives that were lost will also be a factor. Another aspect of this disaster is the nuclear contamination from damaged reactors. Most traditional policies exclude coverage for nuclear accidents. There is more to assessing damage than people might realize. You have to determine what was…
Read MoreDamages from Sendai earthquake are far spread
Japan is in the midst of the most catastrophic disaster in recent history. On Friday, the nation suffered a magnitude 8.9 earthquake that was the most powerful geological event in the region in millennia. The quake triggered powerful tsunamis that invaded the shores of Japan and caused grievous damages to the Northern provinces. While the earthquake threatened to tear apart the nation’s foundations, the unrelenting tsunami washed away everything it its path. Insurance companies are struggling to fathom the cost of the disaster. Initial estimates claim that more than $35…
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